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The deceased has been identified as Rudresh, owner of Iyengar Bakery.
The incident occurred at his rented residence near Mundoli on Monday evening. The Ullala Police Station has initiated an investigation into the case.
Rudresh, who originally hailed from Hassan, had been living in Mundoli for the past 12 years. He leaves behind his wife and two daughters.
Despite suffering from a heart condition, there were no reported financial troubles for him.